The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-17
HlaEFEEN FAILURES,
WITH AGGREGATE LIABILITIES
AMOUNTING TO $4,000, 900,
The Result OF the Recent "Cerner"
I'm Wheat at the Chicago
Board Of Trade.
AND If KERSHAW & co. CANNOT
MEET THEIR
Liabilities q Dozen Brokerage
Firms VIII be Dragged
Down To-Day.

OHlCAGO, Juue 10 N uOtlCo was
posted ~ in the window OF Kershaw
& Co.'s { flee this morning stating that
the firm expected TO pay all differ.
ences today. When the market
opened at $3.50 the first sales were Tic
for June and 73c for July. The latter
option teen sold down to 72ic, but
quickly went up to 73l,, and at 9:3S
q. m. was 73c.
The failures OF yesterday numbered
fifteen. Tt ey were as follows: Crosby
& Co.. $500; II. X. Mathews, $780,
600; J. A. L wards & Co., $50, 900; NJ.
X. Graf 8 a Co, $4,000; b. j. Me-
Cleary & Co., $4,000; Pickering &
Co., 20000; 8. ID. i bridge & Go ,
$4,000; Gregg, Son & Co., $4,000
Hord, Bro. & Co, $4,000; ]. IA.
Yourt & 90 Si00 900; Hubbard & Co.,
$4,000 M S. r ,binson & Co., $1,000
Yourt & B-ssly, 5000; s. o. Or,
$4,000. TotsI, 1881, 900.
IKcLUDISG THE FAILURES
OF the day before Rosenfeld 4 Co.,
Howell Il Brine and L. Il. Bailey &
90. there is a total OF nineteen, With
aggregate liabilities appIoximatiDg So.
100000. Some of these failures ere
caused by inability Of the parties TO
reach their outside customers, while
others were caused by the failure OF
Rosenie q d O. and the suspension
OF payments by Kershaw q Go. /. lie
said that in TIE majority Of cases the
embarrassed firms will come out all
right as soon as trades can be settled,
and that in one or two instances the
books will actually show profits. 10
addition to those whose failure was
brought about by either Of the causes
given, there are some who were in the
deal on their own responsibility, and
simply got caught where they could
notIhelp themselves.
THE FOLLOWING Is THE NOTICE
In Mr.. Kersbaw's window. It Ia in
Mr.. O. ]. Kershaw's handwriting:
"Nothing can be decided until IL
O'Clock. We are promised by that
time positive knowledge whether re-
mittances are on the way, which we
are led to believe will come"
The notice OF Kprshaw & Go. has
produced an unfavorable impression.
II he cannot meet his obligations 1t 10
considered certain that dozen
brokerage firms will be dragged down
today. The facts in regard to the de-
post OF money for Kerthsw & Go. yes.
terdsy at the American Exchange
Bank, on which he founded his prom
Use to pay ia full, are made public this
morning in q semi official way. 1t
seems that Wiltshire did deposit $780,.
900 to the credit OF Kershaw 4 90.
yesterday morniDg. When O. J. Ker-
shaw left there at s o'clock after an
hours consultations with Wiltshire,
d. w. Irwin, Hoyt, Cashier Dewar, O.
B. Eggleston and several OF the direc-
tors
THERH WAS NEARLY $500, 900 ON DKrosIr
subject, aud he supposed, to his check.
He hurried down to the office of
Armour d Co and there told p. ID.
Armour OF his position and his ability
20 stand verifying down to 20 cents
II was not until l0:45 o'clock when he
went into Armour's office again that
he was told that his checks were being
thrown ont By the American Exchange
National. Hs went out of Armour's
like shot to ascertain the trouble.
The trouble WAS that Immediately AT.
ter KeTshaw left the American Ex-
change Bank and when Wiltshire pro-
.duced the 100000 to 90. as he cup
posed, to the credit Of Kershaw, Ir.
win, Green Il o. demanded half OF IL.
President Irwin is the senior partner
in the house aud had this advantage
that he Nd credit the money as no
was disposGd to.
When KeTshaw's check for 500, 900
from the counting house went down
for ceTtihcation IL was thrown ont.
Some big checks had, however, gone
through all right before. Among them
were cheCks to Schwartz, Dupree 4
90. p. b. Weare h 90, William Dunn
& Co., and a few Others, sgeregRtinC,
perhaps, Sl50,0C0. 40 That Kershaw'e
promises were made In good faith. II
II had not happened that the presi
dent Of the bank was alec an applicant
for more margins Kershaw'a checks
would have been Ceri6ed.
ARM UR SAID THIS MORNING
the amount Of loss TO this market
Is not nearly 30 severe as some OF the
unfortunate ones are claiming. There
were more Losses on the advance, ieI
when this was advancing the market
We who were tt'sddled out between
the dia, rent markets handed out oul
money. But most OF thu failures &C
far announce, d were Of men who wert
broke before this panic, and who wert
simply waiiDga good excuse. Thel
have been thus for twelve months
some OF them. Nobody can los
money on Krrshsw, for he is mar
Rined way down. He tells me thi
AID know he would not lie to me
He would have gone through yes OF
day ii b ere had not baen q muddle a
the bank offered 722c for 500 90
bushels of wheat 70 bank yesterda
when the marSet on the board wa
nomina,ly zoe, aud the banks woul,
not sell IL The banks all say the
will not eel. There would have bee
Rgreat dat If cash wheat taken ye,
terday, but YOU thould not do bus
ness, the banks would talk to yoI
They were busy with margins"
BULLETINS.
10 M.-Ihe exciting scenes OF ye
terday aud the day before were nj
witness ed at the opening Of the Boat
OF Trade this morning. The few pc,
pie who had gathered in the gallerit
before the opening soon tired Of Il
calm which prevailed, and departe
II was given out that Ksrshaw wouI
announce at IL &C ock whether
would be able to meet the CLAIM
sgIinst him or not. 1t is general
conceded by the members that be vi
pull through, but the majority q
very doubtful on the subject. Scare
" any { aiding is being done al
prices are barely ftctusting at slig
fractions. There are Tumors of Il
pending failures, but everythil
awaits the announcement To be ma,
by Kerhaw at IL o'clock. In h
meantime bu iuess is practically at
standstili July wheat opened ut
and hes hactuated between that fgu
ald 72ss.